CPA Firm Practice Management Feed

CPA Firm Practice Management

CPA Firm Practice Management covers a wide array of topics from succession planning, human capital management and practice development. CPA Firm Practice Management also includes the use of marketing, like social media and SEO, and developing new clients. The Private Companies Practice Section is a membership section of the AICPA consisting of public accounting firms. PCPS’s mission is to make practicing CPAs and their firms successful through education and advocacy.

 

 

 

 

 

 

 

 

 


 

Leveraging Technology to Keep Your Firm in Motion

Firm in motionWe all know that staying current and embracing the latest trends in business are key to running a successful CPA firm. Years ago, accountants relied on columnar pads and general ledger books, while working from 8-5 in the office. Today at most firms, those tools and practices are replaced by accounting and cloud computing software, with flexible schedules and virtual offices. CPAs continue to implement new tools and strategies to optimize the changing professional environment to best meet client and staff needs. Interested in learning more, I sat down with two trailblazers to hear firsthand about their experiences.

Alan Long, CPA, CITP, CGMA, is the managing member of Baldwin CPAs, based in Richmond, Ky. Alan explained that his firm has been an early adopter of technology.  For example, the firm has been paperless since 2002, in the cloud since 2004 and has supported a multiple monitor environment for nearly a decade. Baldwin CPAs uses electronic signatures for all engagement letters and consent forms, saving the firm both time and money. Additionally, all professional staff are given iPads, allowing them to be accessible while offsite.

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Tax Season Wrap Up: How to Recharge, Regroup and Move Forward

BeachYesterday we asked CPA Letter Daily readers: “How do you celebrate the end of tax season?” More than a majority of the respondents stated that they would celebrate by either taking time off or planning a staff dinner, happy hour or party. Another 32 percent plan to continue working by moving on to the next task on their list. Here we share tips for how to rejuvenate, plan and prioritize the next steps for your practice.

Recharge

Figuring out how to rest can be stressful in itself, especially if you have a larger than expected backlog of work either from returns that still need to be prepared or non-tax work postponed until “after April 15.” Consider the following ideas to get your groove back:

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Big Changes Facing Your Firm? New MAP Survey Results Can Help

Imagine your firm’s future if your monthly partner meetings become challenging. What if everyone offers different ideas about what your firm should be spending on office space or disparate opinions about compensation, billing and utilization rates going forward? What if you’ve got a merger, a retirement and the buy-in of two new partners on the table? Sounds like you need sound benchmarking data to help you make some important decisions

Fortunately, results of the 2014 National Management of an Accounting Practice (MAP) Survey conducted by the AICPA Private Companies Practice Section (PCPS) and the Texas Society of CPAs (TSCPA) can provide you with the information you need to make the right choices. The survey’s comprehensive benchmarking data on firm finances and practice management options allow you to compare your firm to those in the same market and of the same size.  The survey can be a vital tool in your strategic planning and decision making, and the new platform enables survey participants to see their own confidential data pre-populated beside the comparative benchmarks. Watch this video for details. (The results provide rich data that all firms—even those that didn’t participate—will find useful. If your firm didn’t participate, you can still access survey reports, but you’ll need to compile your own firm’s data for comparative purposes. This video provides a tutorial.)

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Dynamic Firm Benchmarking: the New MAP Survey Platform in Action

MAP surveyHave you ever performed an in-depth comparison of your firm’s standing against other firms of the same size? The 2014 PCPS/TSCPA National Management of an Accounting Practice Survey provides some new and valuable ways to assess where your firm stands and plot your future course. If you participated in the survey this year but haven’t really delved into the results, which became available in November, you definitely want to check them out. Thanks to a new online platform, it’s much easier to take a peek at how firms like yours operate. And even if you didn’t participate, the survey offers some valuable information that will help your firm plan.

Take the case of a single owner firm like mine. We have a boutique corporate tax practice. In addition to myself, our permanent staff includes one CPA and one CPA candidate, but we add an administrative person and per diem help in busy season. When I’m planning for the future, I often wonder what a top performance single-owner firm looks like, but it’s tough to find more than anecdotal information.

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3 Pitfalls to Avoid on the Road to Becoming the Firm of the Future

Becoming the firm of the futureCPA firms are at an important turning point. We have a choice: we can stick to the practices and procedures we know—ones that have admittedly helped us build the success we enjoy today—or we can take the kinds of bold steps that will ensure our future relevance and prosperity. This will be an understandably tough decision. To prosper over the long-term, though, firms must address the radical changes taking place in the domestic and international marketplace, including increasing market and technical complexity facing CPAs and their clients, as well as the expectations of a new generation of professionals. The profound transformation in so many areas requires a similar alteration in the way we manage our practices. If our firms don’t identify the obstacles preventing us from affecting meaningful change, we risk being left behind. In particular, there are three pitfalls that will make it challenging even to get started on the road to transformation.

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